In order to achieve success in the stock market you must be able to speak the language of the stock market. Please use our supplied glossary of terms to become better acquainted with these terms so that you may gain a better understanding of the market world


Odd Lot
A number of shares that are less than a board lot, which is the regular trading unit decided upon by the particular stock exchange. An odd lot is also an amount that is less than the par value of one trading unit on the over-the-counter market. For example, if a board lot is 100 shares, an odd lot would be 99 or fewer shares.

See Ask.

To liquidate or close out an open futures or option contract.

One-Sided Market
A market that has only buy orders or only sell orders booked for a particular security.

On-Stop (O/S) Order
A special-term order placed with the intention of trading at a later date when the price of the stock reaches the specified stop price. An on-stop order becomes a limit order once a trade at the trigger price has occurred.

Ontario Securities Commission
The government agency that administers the Securities Act (Ontario) and the Commodity Futures Act (Ontario) and regulates securities and listed futures contract transactions in Ontario.

Open Interest
The net open positions of a futures or option contract.

Open Order
An order that remains in the system for more than a day. See Good-Till-Cancelled or Good-Till-Date.

Open-End Investment Fund
An investment fund that continuously offers its securities to investors and stands ready to redeem its securities at all times. Transactions in shares/units of mutual funds are based on their net asset value (NAV), determined at the close of each business day. Examples of an open-end fund are traditional mutual funds and exchange-traded funds (ETFs).

The market opens at 9:30 a.m. ET each business day.

The right, but not the obligation, to buy or sell certain securities at a specified price within a specified time. A put option gives the holder the right to sell the security, and a call option gives the holder the right to buy the security.

Option Class
All options of the same type, either calls or puts, that have the same underlying security.

Option Cycle
A set pattern of months when a class of options expires.

Option Holder
The buyer of an option contract who has the right to exercise the option during its lifetime.

Option Series
An individual option contract for a given security.

Option Type
A call or put contract.

Option Writer
The seller of an option contract who may be required to deliver (call option) or to purchase (put option) the underlying interest covered by the option, before the contract expires.

Order Number
An eight or nine-digit number assigned to every order entered into the system.

Original Listing/Initial Listing
A listing is designated as an original listing on TSX or initial listing on TSX Venture Exchange, if it satisfies the following three conditions: It meets listing requirements. It pays applicable listing fees. It is described in the exchange bulletin as an original listing by TSX or a new listing by TSX Venture Exchange. Typical examples of original/initial listings include: An initial public offering (IPO) Transfer from another exchange A new entity created by a spin-off (such as a division, from an existing issuer, becoming its own publicly traded entity)

OTC Foreign Trading
OTC (over-the-counter) foreign trading refers to UMIR Rule 6.4 (e), which permits a trade to be executed off the Exchange, if one or both Participating Organization/Member client accounts are outside of Canada, provided such trades are reported within a specific time frame to the Exchange for public dissemination of the transaction.

Over-The-Counter (OTC) Market
The market maintained by securities dealers for issues not listed on a stock exchange. Almost all bonds and debentures, as well as some stocks, are traded over-the-counter in Canada. An OTC market is also known as an unlisted market.

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